EFT Corporation has appointed Mike Smits, formerly chief financial officer, as group MD.
“With a strong background in business growth and market expansion, this role allows me to focus on operational execution, market expansion, and customer engagement which is the best fit for where the company is now as we expand our presence in African growth markets,” says Smits.
EFTCorp’s expansion into high-growth markets, most notably Ethiopia, the DRC, and Kenya aligns with Smits’ expertise in market expansion and fintech innovation.
“This is a very exciting time for me professionally as well as for the company,” said Smits. “Our focus on these new markets offers a great opportunity to make a positive impact in countries that currently have low digital enablement, outdated banking infrastructure but huge potential for the advancement of financial inclusion for many millions of people,” he adds.
EFTCorp maintains a consistent strategy, but its executions are tailored per country. In mature markets the company enhances existing financial infrastructure, whereas in growth markets such as Kenya, Ethiopia and the DRC they are investing in foundational banking technology to build digital ecosystems from the ground up.
- Ethiopia – Ethiopia’s regulatory reforms have opened the market to international players, creating opportunities for digital banking expansion. EFTCorp is actively collaborating with local banks and national switches to integrate mobile wallets, card issuing, and seamless digital payment solutions, ensuring a more inclusive and scalable financial ecosystem.
- Democratic Republic of Congo (DRC) – The DRC remains a predominantly cash-driven economy, with banking infrastructure still developing. EFTCorp is working with both government stakeholders and private-sector players to introduce low-cost, scalable digital payment solutions that promote financial inclusion. A key initiative supporting the national healthcare system is currently underway, which aims to integrate financial access into essential public services.
- Kenya – Kenya has a mature mobile money market, but banks and fintechs are looking for alternative digital payment solutions. EFTCorp provides real-time transactions, merchant payments, and interoperability solutions, helping financial institutions diversify their offerings and strengthen the country’s digital finance landscape.